Aura Underwriting, the specialist Caribbean catastrophe managing general agent of Rokstone Group, has launched a Caribbean parametric product to complement its existing Lloyd’s Caribbean binder.
Aura Underwriting is a Lloyd’s Caribbean property cover holder, focused on providing professional insurance and reinsurance solutions for the placement of niche, high quality risks throughout the Caribbean region.
The recently launched parametric product provides reinsurance for hurricanes that intersect a pre-defined radius of an insured’s location (typically 40 miles). Quotes are available in minutes and qualifying claims are paid out in a matter of days.
Aura stressed that the hurricane season in the Caribbean is now underway, and the number and severity of hurricanes in the area is increasing. Last year, for example, recorded 21 named storms, the third highest on record, exhausting the National Hurricane Centre’s hurricane names list.
Aura said its parametric cover gives policyholders confidence in cash flow and speed of pay-out with qualifying claims settled and paid directly to the insured in a matter of days without the need to prove physical loss.
Tom Green, director at Aura Underwriting, said, “Our focus on technology, access to data and real-time climate monitoring tools, combined with deep underwriting expertise and claims knowledge in this space, has enabled us to create something quite unique in the market – dovetailing traditional indemnity coverage with next generation parametric insurance, backed by A+ rated capacity. The result is confidence: comprehensive cover from knowledgeable underwriters with a fast and efficient service.”
Parametric insurance can be a valuable tool in the fact of natural catrastrophes. Parametric InsurTech Skyline Partners recently partnered with Howden and global reinsurer Munich Re to develop a parametric insurance solution designed to protect farmers in Jamaica from extreme weather events.
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